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Estee Lauder CEO denies takeover rumours: company 'not for sale'
[NEW YORK] Estee Lauder Cos said "there is no truth" to rumours that it's in talks for a potential sale or merger.
"The Estee Lauder Companies is not for sale," executive chairman William Lauder and chief executive offer Fabrizio Freda said to employees Sunday in an internal memo, which was obtained by Bloomberg News.
The family and the board place "great value in remaining independent," the New York-based company said. Estee Lauder "is strong and we have excellent momentum going forward."
A CNBC report earlier month said Procter & Gamble Co might be interested in Estee Lauder, while Sanford C Bernstein analyst Andrew Wood wrote in a note to clients that Unilever and L'Oreal could be good suitors.
The Lauder family controls about 87 per cent of Estee Lauder shares, whose value have risen 39 per cent this year through Friday's close. The stock fell as much as 2.1 per cent to US$104.30 on Monday.